Japan’s Nomura Holdings hit by sub-prime losses
by Kay Murchie
Nomura Holdings, Japan’s largest securities brokerage group, announced today that it has incurred losses in the fiscal year ended March, due to sub-prime loan-related losses.
Nomura posted a three-month net loss of 153.9 billion yen (£745 million, $1.47 billion). Revenue dropped 22.2% to 1.59 trillion yen.
It is the latest in a long line of financial institutions to report losses linked to the securities backed by US mortgages.
Nomura also made hefty losses on its exposure to companies that insure such securities, known as monoline insurers.
Last October, Nomura said it would exit the residential mortgage-backed securities market in the US after escalating losses arising from the US sub-prime mortgage crisis.
Nomura’s results follow news that it had sacked an employee who had been arrested in an insider-trading investigation.
Last month, chief executive Nobuyuki Koga, stepped down in a move which was viewed as prompted by the heavy US sub-prime-related losses that Nomura has suffered. He was replaced by Kenichi Watanabe.
No forecasts were provided for the fiscal year to March 2009.
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